Issue link: https://read.uberflip.com/i/1509618
ManpowerGroup Talent Solutions: Global QMR Q3 2023 | 5 • Global economy still facing headwinds, growth expected to accelerate in 2024 but remain subdued at 2.9%, mainly as result of the lagged effects of higher borrowing costs • The demand for labor has stayed robust in many economies, although some cracks are emerging • Persistent labor shortages in some industries and labor hoarding in other • Global unemployment rate in Q3 2023 at around 5.8% • Acceleration of generative AI marks a technological watershed with material implications in many workplaces Global Workforce Key Trends Rapid AI development and adoption means that new skills will be needed, while others will become obsolete • 23% of global jobs will change in the next five years due to industry transformation • Industries with the highest estimates of total potential exposure (automation plus augmentation) are: • Financial services and capital markets • Insurance and pension management • Information technology and digital communications • 50% of CEOs are already integrating generative AI into digital products and services, 43% are using generative AI to inform strategic decisions, with 36% using the technology for operational decision • Only 29% of the executive teams agree they have the in-house expertise to adopt generative AI. Demand for blue collars/light industrial workers Demand for IT professionals Global Hiring Demand Changes Between Q3 2022 & Q3 2023 Changes Between Q2 2023 & Q3 2023 +14% -10% +26% +5% +2% +7% Source: Talent Neuron Source: WEF Jobs of Tomorrow: Large Language Models and Jobs Sep 2023 Report, IBM's 2023 CEO Study